Grameen Bank to sponsor Grameen Bank-Aims First Unit Fund

Grameen Bank has signed a deal with Sandhani Life Insurance Ltd to launch Grameen Bank-Aims First Unit Fund.

Grameen Bank will sponsor the fund while Sandhani Life will be the trustee.

The documentation ceremony of the fund was held on April 24 where the trust deed of the fund was signed.

An investment management agreement for the purpose was also executed between Grameen Bank and the Asset Manager AIMS of Bangladesh Ltd.

It would be the second mutual fund sponsored by Grameen Bank after "Grameen Mutual Fund One" which launched two closed-end schemes also under the management of AIMS.

The new fund will be the first open-ended scheme under the management of AIMS, the pioneer private asset management company in Bangladesh.

Grameen Bank Chairman AKM Saiful Majid, Managing Director Md Abdur Rahim Khan, AIMS Managing Director Yawer Sayeed, Director Akhter Hussain and Sandhani Life Insurance Company Secretary Md Mizanur Rahman were present at the documentation ceremony.

The initial contribution by Grameen Bank to the fund is Tk 100 crore.

The vision of the Grameen Bank-AIMS First Unit Fund is to achieve financial inclusion through the mutual fund vehicle by creating a reliable and affordable financial instrument for the micro-savers and struggling middle-class cluster of the society and integrating them with the national capital market in a structured way.